GBP/USD analysis for February 16, 2018

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4065. Anyway, accorrding to the 30M time – frarme, I found a successful test of the pivot level at the price of 1.4065, which is a sign that selling GBP/USD at this stage looks risky. I also found a bullish cross on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upwarrd target is set at the price of 1.4135.

Resistance levels:

R1: 1.4137

R2: 1.4175

R3: 1.4248

Support levels:

S1: 1.4027

S2: 1.3955

S3: 1.3917

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com